Tesla Inc. has reported a decline in profit for the first quarter compared to the same period from the previous year, falling short of Wall Street's expectations. The electric vehicle and clean energy company's earnings amounted to $1.13 billion, translating to $0.34 per share. This shows a decrease from last year's first quarter when it earned $2.51 billion, or $0.73 per share.
When excluding particular items, Tesla Inc. presented adjusted earnings of $1.54 billion or $0.45 per share for the period. According to data compiled by Thomson Reuters, average analyst predictions had anticipated the company to earn $0.47 per share. These estimates traditionally exclude unique items.
As for the company's revenue, there was a drop of 8.7% in the quarter, sliding down to $21.30 billion from last year's $23.33 billion.
To summarize Tesla Inc.'s earnings using Generally Accepted Accounting Principles (GAAP):
- Net Income for Q1: $1.13 billion, compared to $2.51 billion last year.
- Earnings Per Share for Q1: $0.34, as opposed to $0.73 last year.
- Revenue for Q1: $21.30 billion, a decrease from last year's $23.33 billion.
